Crude oil supplies build as consumer demand weakens
The price of crude oil traded on the New York Mercantile Exchange (NYMEX) increased nearly $4 per barrel over last week’s closing price at $66.01, but oil analysts are uncertain that the increase offers a clear signal that economic recovery is taking root. Crude oil closed Friday at $69.95 per barrel.
At the end of the week, the U.S. Department of Labor reported job losses that hit the highest level in 26 years and the Commerce Department reported a drop in factory orders. Unfortunately, economists and government officials, including Federal Reserve Chairman, Ben Bernanke, warn that the recovery will likely be very weak.
The national average price of unleaded regular gasoline is $2.46 per gallon, down 4 cents in the past week. Florida’s average today is at $2.40, Georgia’s at $2.26 and Tennessee’s average price of $2.26 are all down by 4 cents, 5 cents and 4 cents respectively in the past week.
Current and past averages:
National – Current $2.461, Week ago $2.504, Month ago $2.591, Year ago $3.547
Florida – Current $2.402, Week ago $2.440, Month ago $2.566, Year ago $3.630
Source: AAA Auto Club South